Haitong Securities raises $1.67 billion from HK IPO

Shanghai-listed brokerage Haitong Securities prices its relaunched Hong Kong offering below the mid-point, even though good support from cornerstones and anchors gives other investors the confidence to come into the deal.

Haitong Securities, China’s second-biggest brokerage in terms of total and net assets, has raised HK$13 billion $1.67 billion from its initial public offering after fixing the price below the mid-point of the range at HK$10.60 a share.